New Delhi (NVI): As the COVID-19 pandemic places new strain on global security, the ability of small retailers and businesses is being tested.
Entrepreneurs in Latin America, Africa and India are facing challenges that are causing them financial and emotional stress. They are facing curfews, travel restrictions, and other obstacles that is keeping them from reaching their customers.
Small businesses are very important in vulnerable communities and neighborhoods, because they provide essential goods in areas that large retailers aren’t able to serve.
These are also important drivers of livelihoods, especially in sub-Saharan Africa and South Asia, 90 per cent of employment is in firms with fewer than 50 employees, as is 75 per cent of employment in Latin America and the Caribbean, according to World Economic Forum (WEF) report.
Protecting these jobs is more important now that economic opportunities have become even more scarce.
The paradox is that despite all these reasons why they are crucial, small businesses are fighting for their own survival.
In order to keep these businesses afloat, WEF laid down a few actions which can be taken, based on the report analysis.
The impact of a timely response should not be underestimated. The COVID-19 pandemic is a challenge unprecedented in scale and scope, and this is a uniquely difficult moment for millions of entrepreneurs around the world.
But judging from previous disruptions, the right kind of support at the right time can be a decisive factor in whether or not a business survives.
